TN: When a co-op cheats a poor man

A scam involving the office bearers of the Peelamedu Industrial Workers Housing Cooperative Society has come to light, reports Times of India.

K Durairaj from Peelameduputhur had pledged his property documents with the Peelamedu Industrial Workers Housing Co-operative Society ten years back and obtained a loan of Rs1 lakh. He had never defaulted and repaid the entire amount with interest.

But he received a letter from the society stating that he was yet to repay the loan amount.

The society office-bearers had pocketed Durairaj’s money without crediting it to the society’s bank account and issued him fake receipts.

Only when Durairaj -a senior citizen protested, the bank officials helped him get back his documents.

Ten people of the cooperative society were booked for swindling Rs1.5 crore.